Tag: taxes

Many tax filers claiming the Child Tax Credit (CTC) this year are surprised to see their refund payment much lower than expected. This is mainly due to the widely claimed tax credit resetting from a pandemic boosted maximum of $3,600 to $2,000 per child in 2022 and 2023. Another reason is that they are not…

It's tax season and social media is abuzz with tax related information. This includes news related to refund payments, which millions of Americans are anxiously waiting to get. Unfortunately this also creates an environment of false information (fake news!), deceitful ideas, and outright scams around refund payments and getting them…

Every December, I go through the same three-step process on my taxable brokerage accounts: figure out where my realized gains and losses stand, decide what to sell to offset them, and recheck the numbers before December 31. It's one of the simplest, most repeatable tax moves available to any investor…

TurboTax is still the most widely used tax software in the country. For tax year 2025 (filed in 2026), it has made some real changes worth knowing before you pay — or decide to go elsewhere. The product lineup has been simplified, there are new deductions under the One Big…

This page tracks Social Security Cost-of-Living Adjustments year by year — confirmed figures and the latest forward estimates. The 2026 COLA is confirmed at 2.8%, effective January 2026. The 2027 COLA is currently tracking around 3.8%, after briefly spiking toward 4.7% in June. I've also added what the latest Trustees…

With millions of tax filers anxiously waiting for their refund — often the largest single payment they receive all year — it's not uncommon to hear frustration with the IRS systems designed to provide updates on tax processing and refund payments. The official Where's My Refund (WMR) site and IRS2Go…

Estimated taxes normally have to paid if you do not withhold taxes via your employer or if the amount of income tax being withheld from your salary, pension, vendor payments or other income is insufficient. Estimated taxes are generally paid by small business', self-employed or gig workers with variable sources…

The Roth IRA contribution limit for 2026 is $7,500 — up from $7,000 in 2025. If you're 50 or older, you can add a $1,100 catch-up contribution (now indexed for inflation under SECURE 2.0), bringing your total to $8,600. The income phase-out ranges have also shifted up slightly for 2026.…

Thanks to the accounting folks at BConnect Inc, here is a straight forward tax preparation checklist that will save you time when you file with your accountant or before you start using tax software for self-filing. Tax preparation is faster, easier and more stress-free if you take a little time…

It's not breaking news that you should be saving for retirement. Most employed people understand this fact, so hopefully, you are setting some cash aside for your golden years despite your day to day living expenses. The tricky part of retirement financial planning is figuring out how much you should…

[Latest update]  Republican lawmakers in the House and Senate have now passed a combined tax reform bill along party lines for President Trump's Tax Reform measures under the Tax Cuts and Jobs Act. See the table below that contrasts changes from earlier versions in each chamber versus what is in the final…

For the majority of tax filers mid-April is the deadline to file their tax return. Even if you don't have enough money to pay your entire tax liability you must take action. Inside your head, you scream, "I need more time!" But before you stress out realize that the IRS offers…

For 2026, the IRA contribution limit is $7,500 — the first increase from the $7,000 limit that held for 2024 and 2025. Whether you're putting money into a traditional IRA or a Roth IRA, that's your combined ceiling across all IRA accounts. The IRS announced this increase in IR-2025-111, along…